Man withdraws $190,000 in $20 bills

Last week, Roger Griffiths, a proud customer of Westpac Bank for 25 years, withdrew his $190,000 savings in $20 bills after he was denied a mortgage loan.

Westpac, the second largest bank in New Zealand, rejected Griffiths' application for an $80,000 mortgage because he did not have steady income as an artist. Griffith stated that he is a successful artist, with his paintings displayed in New York's World of Wearable Art. He also seems to be financially set:

The property in Mapua, NZ cost $385,000.

Griffiths had $200,000 saved in cash and was about to sell his $110,000 campervan.

According to Griffiths, the property would have generated $500 per week. (Cash flow from commercial use and a residential home)

All of these financials exceed Wetpac Bank's criteria for a 20% down payment. Griffiths was very upset when he learned of his mortgage denial. He notified the bank of his upcoming withdrawal, and his local branch provided him with a red and black duffle bag to carry out all of his savings in cash.Griffiths' loan rejection was not the only reason to depart from Westpac Bank. A record of bad business furthered his decision.

Earlier this month, Westpac's Alexandra branch manager confessed to defrauding the bank up to $400,000 and allowed $10 million to be wrongly credited to a client who has recently fled to China.

Now I understand why Griffiths was fed up with this bank. It takes a lot of hard work to remain financially stable in this global recession. Since when does not having a "steady income" mean you are financially irresponsible? His financial record seems to be far better than Westpac. With all of its shady dealings, I still wonder why they are rated as "bank of the year" by Money Magazine.